Gold price supported by 23.6% Fib retracement level

December 7, 2015

New York (Dec 7)  Gold prices found support at USD 1080.48 (23.6% of Oct 15 high-Dec 3 low, but the rebound was not seen on account of a the USD rally in the European session.

USD strength capped gains

The metal clocked a high of USD USD 1086.66/Oz, but failed to extend gains on account of the broad based USD rally. The Greenback neared 99.00 levels against the basket of currencies. Consequently, prices fell to the support at USD 1080.48 and continue to hover around the same.

The rally in the European stocks also kept the metal under pressure. Still, the prices have managed to stay above the key Fib retracement levels.

Gold Technical Levels

At USD 1082.08, the immediate support is seen at 1080.48 (23.6% of Oct 15 high-Dec 3 low), under which the losses could be extended to 1067.00 (hourly 200-MA). On the other hand, resistance is seen at 1088.17 (Nov 20 high), above which the prices could test the psychological resistance of 1100.

Source: FXstreet

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